Tech rally elevates Nasdaq to record high close
By Noel Randewich (Reuters) - The Nasdaq surged to a record high close on Monday, while the S&P 500 approached its own record level, with both indexes lifted by Nvidia and other technology stocks. The benchmark S&P 500 was just shy of its Feb. 19 intraday record high after testing that level for much of last week, while the Dow Jones was weighed down by losses in financial and industrial stocks.
By Noel Randewich
(Reuters) - The Nasdaq surged to a record high close on Monday, while the S&P 500 approached its own record level, with both indexes lifted by Nvidia and other technology stocks.
The benchmark S&P 500 <.SPX> was just shy of its Feb. 19 intraday record high after testing that level for much of last week, while the Dow Jones <.DJI> was weighed down by losses in financial and industrial stocks.
In June, the Nasdaq became the first of the major Wall Street indexes to recoup its coronavirus -induced losses as several of its largest constituents, including Amazon.com Inc
"Tech is the only trade," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. "Things that were 10 years away on Feb. 18 are here now: Distance learning, seeing your doctor via Zoom, ordering pharmaceuticals via the mail."
Lowe's Cos Inc
The S&P 500 retailing index <.SPXRT> climbed, with heavyweights Walmart Inc
"Earnings season in general has been much better than expected, but a big part of that is because the expectation has been so low," said Willie Delwiche, investment strategist at Baird in Milwaukee.
As of Friday, 457 companies in the S&P 500 had posted results, of which 81.4% came in above dramatically lowered expectations, according to Refinitiv data.
Minutes of the Federal Reserve's latest meeting, due on Wednesday, are expected to provide more insight into the central bank's view of an economic recovery, while housing starts data is also on tap.
Caution is expected to seep into markets ahead of the November U.S. presidential vote, as the election season kicks into higher gear with the Democratic National Convention, which runs Monday through Thursday.
Unofficially, the Dow Jones Industrial Average <.DJI> fell 0.31% to end at 27,845.45 points, while the S&P 500 <.SPX> gained 0.27% to 3,382.09. The Nasdaq Composite <.IXIC> climbed 1% to 11,129.73.
Most the 11 major S&P sectors rose, with technology <.SPLRCT> providing the biggest support to the S&P 500 index.
Principia Biopharma Inc
(Additional reporting by Ambar Warrick and Medha Singh in Bengaluru; Editing by Cynthia Osterman)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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